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Unity secures A$45m finance for Dargues

3rd October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold developer Unity Mining on Thursday confirmed that it had secured a A$45-million project financing facility to assist in developing its Dargues gold mine, in New South Wales.

The miner told shareholders that Commonwealth Bank would provide the project finance facility, structured as a gold prepay over a three-year period, and an associated gold hedging facility, to protect a portion of the revenue over the first 24 months of the loan.

Unity acquired the Dargues project during its takeover of Cortona Mining late last year.

A definitive feasibility study has shown that the project could produce 50 000 oz/y of gold, with an underground mine delivering around 330 000 t/y of ore. Final regulatory approval was received in August last year.

Unity said it had terminated previous financing arrangements that Cortona had secured from Deutsche Bank.

Edited by Creamer Media Reporter

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